Terra Luna Classic (LUNC) experienced a 23.3% price increase when volume accelerated, hitting mid-level prices. Little evidence of strong buying momentum from the OBV and DMI painted a confused picture of the trend. This was accompanied by a nice jump to above 60 on the RSI, suggesting that some volatility and bearish sentiment came back into this market.
The boom in its price came just ten days after the Cosmos chain vulnerability that was exploited to make an unauthorized withdrawal of about $4M came to light, affecting Terra’s prices. Terra chain started producing new blocks on August 8 and finished with the upgrade of the blockchain. A sudden pump in its price shines a better light on the crypto market goal of acquiring the tokens at a $0.000076 low (from August 8 till August 10) as prices surge to $0.000087. However, since August 12, hoarding has calmed down, and now the token price has gone down by 6.86%.
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The chart above depicts that the LUNC token has been highly volatile for the last 72 hours— with more short sellers than long buyers. It indicates that the token has been slumping downward, with several sudden dips resulting in the liquidation of large numbers of holders and the acquisition of some to sell at a loss. The general market sentiment is bearish, and these whale dumps could mean the token has very little to no bullish pressure or is just getting played with.
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Coin exchange rate
$BTC 59566.33 USD (+0.57%) 🟢$LUNC 0.00007741 USD (+0.4%) 🟢$LUNA 0.31481388 USD (+0.65%) 🟢Future Outlook
With hyperinflation resulting in Luna Classic (LUNC) shedding 99.99% of its value, its fourteen-day relative strength index (RSI) reading of 60.69 is a tell-tale sign that the token is overbought. While it is still in the threshold, a high RSI of 70 (meaning oversold) is not impossible.
The token is currently oversold, indicating a short market frenzy where the chances of losses are much higher than profits, as per technical analysis. Further, in light of the massive liquidations on long positions, this suggests a continuation of downside pressure. Should this trend continue, further falls might trigger more liquidations and enforce a bearish mood. Nevertheless, occasional short liquidations could signal brief recoveries; however, these are unlikely to be strong enough to induce a reversal of momentum in any capacity.
Luna Classic will likely follow the market over the next six months and whether something is done to work on high inflation. If those changes are not made, it might find its valuation comes to a standstill or even go in reverse. While there may be speculative rallies, the broader direction looks fragile. Caution should be taken as the token may continue to remain volatile, subject to external factors such as market manipulation.
With hyperinflation resulting in Luna Classic (LUNC) shedding 99.99% of its value, its fourteen-day relative strength index (RSI) reading of 60.69 is a tell-tale sign that the token is overbought. While it is still in the threshold, a high RSI of 70 (meaning oversold) is not impossible.
The token is currently oversold, indicating a short market frenzy where the chances of losses are much higher than profits, as per technical analysis. Further, in light of the massive liquidations on long positions, this suggests a continuation of downside pressure. Should this trend continue, further falls might trigger more liquidations and enforce a bearish mood. Nevertheless, occasional short liquidations could signal brief recoveries; however, these are unlikely to be strong enough to induce a reversal of momentum in any capacity.
Luna Classic will likely follow the market over the next six months and whether something is done to work on high inflation. If those changes are not made, it might find its valuation comes to a standstill or even go in reverse. While there may be speculative rallies, the broader direction looks fragile. Caution should be taken as the token may continue to remain volatile, subject to external factors such as market manipulation.
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The Terra Luna Classic price dropped over 7% in the last 24 hours to trade at $0.00007846 as of 6:28 a.m. EST as investors offload some of their holdings in the altcoin on the market.
Despite this recent pullback, the LUNC price is still up by more than 28% on the weekly timeframe. It is also 13% in the green over the past 30 days.
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Coin exchange rate
$BTC 58522.847 USD (-1.77%) 🔴$LUNC 0.00007705 USD (-0.54%) 🔴$LUNA 0.31784426 USD (+0.97%) 🟢👍2
The Terra Luna Classic price dropped below the key support level at $0.00008277, and is now resting on the $0.00007676 mark. Dropping below this significant price point within the next 12 hours could expose LUNC to the risk of falling to the next technical safety net at $0.00006883 in the short term.
However, the Terra Luna Classic price staying above $0.00007676 for the next 12 hours might invalidate the bearish thesis. In this alternative scenario, LUNC could attempt to reclaim the $0.00008277 support. A 4-hour candle close above this threshold might then give the altcoin the technical foundation needed to potentially rise to $0.00008941 in the following 24 hours.
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From a technical perspective, indicators on LUNC’s 4-hour chart warn the Terra Luna Classic price could drop through the course of the next trading day. More specifically, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are showing negative signs after they both triggered major bearish technical flags in the last 24 hours.
Recently, the RSI line crossed below its Simple Moving Average (SMA) line to signal that bears have gained the upper hand against bulls. Although the current RSI reading is still above the 50 benchmark to signal bullish strength, the negative slope of the RSI line suggests the indicator might fall below 50 soon.
Meanwhile, the MACD line crossed below the MACD Signal line in the last 24 hours. Traders generally see this technical occurrence as an indication that a crypto has entered a short-term negative cycle. With the MACD line breaking away below the MACD Signal line, it seems the bearish momentum is growing stronger.
While the Terra Luna Classic price remains at risk of dropping in the next 24 hours, investors are rushing to buy Base meme coin Base Dawgz (DAWGZ) for potential 100X gains.
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Coin exchange rate
$BTC 60937.423 USD (+4.12%) 🟢$LUNC 0.00007889 USD (+2.39%) 🟢$LUNA 0.32856011 USD (+3.37%) 🟢A Base Meme Coin With A Multi-Chain Presence
Base Dawgz (DAWGZ) is a new dog-themed crypto looking to make its mark in the growing Base meme coin ecosystem. However, the token is not limited to just the Base network, and gives investors the ability to seamlessly shift value across some of the most liquid and active networks in the Web3 space.
DAWGZ holders can transact on Ethereum, Avalanche, Binance Smart Chain, Solana and Base. With this interoperability, investors can take advantage of yield-generating opportunities on any of these chains as soon as they appear.
Popular crypto YouTuber ClayBro recently shared his bullish outlook on the project. In a video to his 130,000 subscribers, he said that Base Dawgz has what it takes to mint the next wave of crypto millionaires.
Base Dawgz (DAWGZ) is a new dog-themed crypto looking to make its mark in the growing Base meme coin ecosystem. However, the token is not limited to just the Base network, and gives investors the ability to seamlessly shift value across some of the most liquid and active networks in the Web3 space.
DAWGZ holders can transact on Ethereum, Avalanche, Binance Smart Chain, Solana and Base. With this interoperability, investors can take advantage of yield-generating opportunities on any of these chains as soon as they appear.
Popular crypto YouTuber ClayBro recently shared his bullish outlook on the project. In a video to his 130,000 subscribers, he said that Base Dawgz has what it takes to mint the next wave of crypto millionaires.
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The recent rally may signal more volatility, with $0.0001 liquidity at risk, as we discussed earlier. Terra Classic (LUNC) is up 23%. The Terra Luna Classic community is focusing on a plan to restore the USTC stablecoin to its $1 peg.
A proposed bounty of $250,000 has been announced for developers who can create a flawless system to achieve this goal, with potential future rewards exceeding $1 million. The initiative outlines specific requirements such as stability, security, transparency, and scalability, aiming to build a secure, decentralized system with economic incentives to maintain the peg.
Developers are expected to submit a detailed whitepaper, and selected proposals will undergo community review and governance voting. In a recent update, CNF revealed that an analyst’s forecast projects a 405% growth in Terra Classic (LUNC) price, targeting $0.00042986.
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Closing On $3 Million
Investors have already sent more than $2.8 million to Base Dawgz’s ongoing ICO. This investor frenzy is likely to continue given the lucrative staking opportunity available to presale buyers. Anyone who purchases and stakes DAWGZ at this early stage gains access to an 889% APY.
To get in on these rewards, investors need to acquire the token through the simple buy widget embedded on the project’s website. Selling for $0.007414, the meme coin can be bought using either BASE, AVAX, SOL, BNB or ETH. Once purchased, the tokens can be locked up via the staking page on the website to unlock the high rewards.
Investors will want to act fast, because the token’s price is set to increase during the subsequent stages of its ICO. The next price adjustment will take place in less than 24 hours.
Investors have already sent more than $2.8 million to Base Dawgz’s ongoing ICO. This investor frenzy is likely to continue given the lucrative staking opportunity available to presale buyers. Anyone who purchases and stakes DAWGZ at this early stage gains access to an 889% APY.
To get in on these rewards, investors need to acquire the token through the simple buy widget embedded on the project’s website. Selling for $0.007414, the meme coin can be bought using either BASE, AVAX, SOL, BNB or ETH. Once purchased, the tokens can be locked up via the staking page on the website to unlock the high rewards.
Investors will want to act fast, because the token’s price is set to increase during the subsequent stages of its ICO. The next price adjustment will take place in less than 24 hours.
Coin exchange rate
$BTC 59735.785 USD (-1.91%) 🔴$LUNC 0.00008054 USD (+2.06%) 🟢$LUNA 0.33414171 USD (+1.7%) 🟢LUNC News: Terra Luna Classic community has started discussions on seeking a flawless repeg system for USTC algorithmic stablecoin. The community thinks it’s time to get serious about LUNC revival and USTC repeg. Initially, a $250,000 bounty is proposed for the development of a flawless system for USTC repeg to $1, with plans to offer more than $1 million.
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In pursuit of restoring the stability and value of USTC to $1, a bounty of $250,000 is announced. The developer or developer group that develops a lawless system to repeg USTC will receive the bounty. A proposal is put forward that outlines the requirements, process, and expectations for this initiative.
“The primary goal is to design, develop, and implement a system that ensures USTC maintains its peg to the USD without the risks that led to the previous depegging event,” said a community member, NB_Crypto.
The key requirements for the system are stability, security, transparency, decentralization, economic incentives, scalability, and interoperability. The initiative aims to build a secure and stable open-source decentralized system. Along with these, the system must offer monetary incentives to maintain the peg, high throughput, and interoperability advantage.
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Coin exchange rate
$BTC 61123.616 USD (+2.32%) 🟢$LUNC 0.00008387 USD (+4.06%) 🟢$LUNA 0.33994565 USD (+1.75%) 🟢A detailed whitepaper must be submitted to explain the mechanics of the USTC repeg system. Other requirements include technical documentation, security audits, economic models, and timeline.
The community-selected experts will review the submissions and shortlisted proposals will go through governance voting. The developer team will also receive support from the Terra Luna Classic community for integration, testing, and deployment.
Moreover, the community mulls further development activity after Tax2Gas implementation proposal by Genuine Labs was approved recently. It claims to boost LUNC price and blockchain activity.
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While the news is appreciated by the community, popular developers are yet to react to the feasibility of the USTC repeg. This will need larger resources, including expertise and development work.
Amid the announcement, LUNC price faced a bearish divergence and is trading near $0.000077 after falling 3% in the last 24 hours. During the correction, the 24-hour low and high are $0.000076 and $0.00007966, respectively. Moreover, trading volume increased by 11% in the last 24 hours to $13,432,845, indicating interest among traders.
Meanwhile, USTC price also followed the bearish trend after the initiative, with the price now trading at $0.01617, a 0.73% decline. The 24-hour trading volume has however jumped by 8%. Notably, total USTC futures open interest has surged more than 5% over the 24 hours, with a 6% and 40% jump on Binance and BingX.
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Coin exchange rate
$BTC 61115.634 USD (-0.01%) 🔴$LUNC 0.00008601 USD (+2.55%) 🟢$LUNA 0.35372658 USD (+4.18%) 🟢Terra Luna Classic is taking steps to bring USTC back to its original value. Find out how they're working on this important update
Terra Luna Classic is making significant progress in its efforts to restore the value of USTC, its stablecoin. The community is actively working on a plan to bring USTC back to its original value, which could be a major step forward for the Terra Luna Classic ecosystem. This initiative aims to regain trust and stability, making USTC a reliable asset once again.
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